Aug 092010
Today’s trade opportunity was interesting in the way which it setup using multiple support areas including yesterday’s close. The ES moved down into our 19.75 / 20.50 area about 10 minutes after the open and pushed 4 ticks through. Yesterday’s close was 1119.50 and provided additional support below the level. On the second push down, the ES pushed an additional 3 ticks down right into the 18 support level. So there were sellers trapped below 18.75 at the 18 support which provided a good long trade opportunity which I documented in the attached chart.
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